The MIT Monthly Payment Plan administered by Tuition Management Systems (TMS), provides an affordable option for students and families to pay the bill in interest free monthly installments. Tuition and other expenses can be divided into smaller payments over each semester. You can use the plan to pay all or part of your educational expenses. The cost for the Monthly Payment Plan is a $70 semester enrollment fee or $85 for a yearly plan. Enrollment is fast and easy by visiting www.afford.com/mit or call toll-free 800-722-4867. Payments can be made directly to TMS by mail or on-line by check, money order, credit card (where available) or automatic ACH from checking or savings account at no additional cost.
If you leave MIT or graduate with an unpaid balance and don’t make payment arrangements, you may be reported to credit reporting agencies, sent to an outside collection agency and you agree to reimburse us the fees of any collection agency, which may be based on a percentage at a maximum of 33.3% of the debt, and all costs and expenses, including reasonable attorney's fees, SFS incurs in such a collection effort.
If your check is returned unpaid by your bank, we’ll inform you by e-mail. We’ll require a new payment immediately and we’ll charge your student account with a $30 fee, plus a retroactive finance charge or late payment fee, if applicable. Your bank also charges you for the returned check.